Huge win for KYND wins in the 2022 FinTech Awards – Most Innovative Cyber Risk Management Solutions Provider

KYND Limited, a provider of pioneering cyber risk management products and services, has been recognised as “Most Innovative Cyber Risk Management Solutions Provider of 2022” in the Fintech Awards 2022

Hosted by Wealth & Finance International, a leading publication and guide to the global financial market, the awards aim to recognise the world’s most innovative service providers for the finance industry.

The Fintech Awards promote the world’s most standout cybertech companies committed to providing business with secure and innovative ways to manage finance and assets. 

KYND have been awarded for their work in helping finance organisations take control over cyber risk in assets and investments through proprietary risk management technology and insight-led advice.

Cyber risk presents a clear and present danger to businesses of all sizes and this includes investments and assets. With the latest reports indicating that criminals can penetrate 93% of company networks, reducing risk is a vital step toward protecting investment capital and building cyber resilience in businesses.

KYND and its tailor-made tools support investments and assets at every stage, whether its due diligence or daily portfolio management, providing insight into the risks that really matter and remediation advice for every threat identified. With KYND, investment managers can keep on top of risk the easy way and stop it from impacting investments – even as the threat landscape evolves. 

KYND CEO and Co-Founder, Andy Thomas, commented: “The financial sector is quickly discovering that their assets and investments are as vulnerable to cyber risks as any other business. Being able to provide them with a quick and easy way to see where these risks lie in an organisation and support to reduce them has been incredibly important to us. Receiving recognition of the hard work and successes we’ve had within the sector with awards like this goes a long way to build our confidence that we’re making a difference in the industry.”

Commenting on the awards, Wealth and Finance International said: “Those operating within the FinTech industry are constantly pushing boundaries and limitations, providing consumers and business leaders with a more simplified user experience when it comes to financial management. FinTech experts make our lives easier and eliminate unnecessary levels of stress from our daily lives.”

About KYND

KYND has created pioneering cyber risk technology that makes assessing, understanding, and managing business cyber risks easier and quicker than ever before. It’s now the global choice for finance, private equity and insurance sectors and their proprietary blend of tools is an industry-first that helps tackle the priority of cyber risk for businesses of all sizes.

Recognising that one size doesn’t fit all when it comes to cyber risk, KYND’s made to measure products help across all industries from instantly revealing an organisation’s cyber risks with just a website name to secure cyber insurance to providing due diligence in the investment process and increasing the ROI for present and future investments. As the cyber landscape continues to evolve, KYND is quickly becoming the trusted and leading provider in this field.

For more information about KYND, visit: https://www.kynd.io/

For press enquiries, contact: press@kynd.io

Follow KYND on LinkedIn @KYNDCyber

Follow KYND on Twitter @KYNDCyber

About Wealth & Finance International

Wealth & Finance International is dedicated to providing fund managers and institutional and private investors around the world with the latest industry news across both traditional and alternative investment sectors.

Distributed each quarter to more than 67,160 high net worth and ultra-high net worth individuals, fund managers, institutional investors and professional services firms, Wealth & Finance International has rapidly become the go-to resource for those looking to make the right decisions when it comes to securing and growing their wealth.

For more information about Wealth & Finance International, visit: https://www.wealthandfinance-news.com/

For press enquiries, contact: pressrelease@aiglobalmedialtd.com

Housing price slowdown in Q1 2019

The Halifax survey of British house price growth shows a slowdown in the first quarter of 2019 in annual terms and a subdued outlook, according to Reuters.

Uncertainty about Brexit and high property prices were cited as key factors behind the trend. Compared to the same period in 2018, prices rose by 2.6% whereas the three months to February showed a 2.8% rise.

A Reuters poll of economists indicated an annual rise of 2.3% could be expected for the first quarter. A recent Nationwide mortgage lender survey found house prices had increased somewhat.

The housing market in London is particularly weak, with Brexit uncertainty poised to have a particularly strong impact in the capital. Shortly before the 2016 referendum house prices were rising by around 10% per year.

Halifax says that in March, in monthly terms prices were falling by 1.6% after a 6.0% increase in February. Halifax’s index has tended to show a more marked variance than other polls in recent times.

BoE survey shows high expectations of inflation

The Bank of England (BoE) has released data showing that public expectations of inflation over the next 12 months are at their highest in five years, according to Reuters.

The proportion of the public anticipating that interest rates will rise has dropped, according to the research.

Brits surveyed in February 2019 said they expect inflation to average 3.2% over the next year, unchanged from November levels which were the highest proportion since November 2013.

The quarterly BoE survey of 4,000 people found 47% of UK citizens expect that interest rates will be raised over the next 12 months, down from 53% in November.

In February, consumer price inflation in Britain grew to 1.9% after a two-year low of 1.8% in January. The BoE forecast is that inflation will rise a little above the target 2% this year.

BoE has warned that a no-deal Brexit would impact these predictions, weakening sterling and making inflation rise sharply.

UK consumers rising despite Brexit fears

January saw increased borrowing by British households, indicating that private individuals in the UK have more confidence in the economy than businesses, according to Reuters.

The month saw the largest number of mortgages approved for house purchase than any forecast in a Reuters poll of economists, reaching 66,766 in January. In December the figure was 64,468.

In the same period, consumer borrowing increased almost £1.1bn, also exceeding the predictions of the Reuters poll.

The annual growth rate in unsecured consumer lending was reduced to 6.5%, the weakest level in four years, according to figures from the Bank of England.

The economy of the UK has slowed sharply in anticipation of Brexit, which is officially scheduled to occur at the end of March. UK Prime Minister Theresa May recently opened the way for a delay to this leaving date, subject to approval from parliament.

The UK manufacturing sector slowed in February, according to a recent survey.

No deal Brexit could push UK house prices down 3%

A Reuters poll has revealed that Brexit is likely to result in a modest change in UK house prices, with London properties being impacted to a greater degree.

A no-deal Brexit would likely result in a 3 per cent decrease in London house prices over 6 months, while national property values would drop by 1 per cent. The survey was carried out between 13-20 February 2019.

Tony Williams of property consultancy Building Value said: “There will be a palpable shock to the UK economy in terms of GDP, inflation, job creation etc.

“This will spill over dramatically to the residential market, with London bearing the brunt given the international catchment of prospective buyers.”

Williams predicted that London property prices would fall 10% in the event of a no-deal Brexit.

However, a dramatic Brexit could see the value of Sterling fall 5-10 per cent, which would make investment more attractive to overseas buyers and offset some of the market problems.

Another poll said UK property prices would rise 1.5% in 2019 and 1.8% in 2020, a fall from earlier predictions. In London, property prices are predicted to fall 2.0% in 2019.

UK austerity could last years more, says IFS

Public services in the UK may face a financial squeeze for years to come according to the Institute for Fiscal Studies (IFS), as reported by Reuters.

Finance minister Philip Hammond has indicated a softer fiscal stance toward managing the economy, but the think tank has cast doubt on the ability to ease austerity policies in the near term.

Hammond’s half-yearly budget update is due to be revealed on 3 March, with details of the money available for public spending. The UK is due to leave the European Union two weeks later, but the terms of the departure are still unclear.

The October annual budget showed Hammond giving more support to the economy, with higher spending levels. However, spending more on healthcare has left little to spare for other public services.

IFS research economist Ben Zaranko said: “This suggests yet more years of austerity for many public services – albeit at a much slower pace than the last nine years.”

Outside of health, defence and overseas aid, departments saw spending levels fall by an average of 3% per year in real terms after 2010. The outlook is for 0.4% annual falls in spending in inflation-adjusted spending, according to the IFS.

A statement from the finance ministry said: “The (finance minister) has said that hte Spending Review will take place in 2019, and that is the right moment for government to make long term funding decisions.

“Outside the (health service), total day to day departmental spending is now set to grow in line with inflation, and public investment will reach levels not sustained in 40 years in this parliament.”

Survey reveals little appetite for UK investment

The appetite for financial risk among British businesses has fallen to its lowest level in a decade, according to a survey by accountancy firm Deloitte reported by Reuters.

The survey indicated that investors are deterred by fear of a hard Brexit and increasing US protectionism.

The UK is less than eight weeks away from the supposed date of an exit from the European Union, but the terms on which the exit will take place remain unclear after a transition deal brokered by the Prime Minister was rejected by the House of Commons.

Without a deal, Brexit may proceed without transition arrangements, which leads many to fear severe problems with supply chains and delays at ports.

Deloitte chief economist Ian Stewart said: “Corporates are positioned for the hardest of Brexits, with risk appetite at recessionary levels and an intense focus on cost control.”

Another survey, issued by the Institute of Chartered Accountants in England and Wales (ICAEW) showed a similar sentiment, indicating Q1 growth of just 0.1 percent, the joint-weakest since 2012.

The Deloitte survey found that 78% of the 100 companies taking part said they feared Brexit would damage the economy in the long term, whereas only 10% expected a improvement.

Businesses ask politicians to ‘get a grip on Brexit’

Businesses have asked UK politicians to ‘get a grip on Brexit’, amid continued uncertainty over the future relationship with the European Union, according to Reuters.

Businesses are stepping up preparations for the event of a no-deal exit while some large companies are setting up emergency rooms to deal with the chaos of leaving without adequate trade provisions.

By law the UK is due to leave the EU on 29 March 2019, but there is as yet no agreement on the terms of leaving will be. In a parliamentary vote, MPs rejected the withdrawal agreement negotiated by Prime Minister Theresa May.

Leaving the EU without a deal could result in ports facing significant delays, damage to supply chains and shockwaves in financial markets.

The UK shipping industry’s representative body, the UK Chamber of Shipping, said through chief executive Bob Sanguinetti: “We need to put aside party politics and in the moment of need that we find ourselves in, we need to look at the bigger picture and look at what’s best for the country.”

James Stewart, head of Brexit at KPMG, said: “may of the businesses we’re speaking to are praying for an extension to Article 50. Nearly all larger firms are now preparing for Brexit, after some came late to the party – however the timing of no-deal implementation planning remains highly variable.”

Possible resolutions to the crisis include a no-deal Brexit, a last-minute agreement on an amended deal, a delay, a fresh general election or a referendum re-opening the question of Brexit altogether.

Sony to move European HQ out of UK

The headquarters of electronics giant Sony is to move from the UK to the Netherlands to avoid Brexit-related disruption, according to BBC News.

The company said the move would help to avoid customs issues connected to the UK’s exit from the European Union. The company will not move personnel or operations from existing UK sites, despite the change in official HQ.

The move is the latest in a series of signals from Japanese companies that there is serious concern about the impact of Brexit on trading conditions in the UK.

Japanese Prime Minister Shinzo Abe expressed concern about Brexit on a recent visit to the UK, saying it could hurt the Japanese companies that employ 150,000 people within the country.

Panasonic recently announced a similar move in HQ, but confirmed this would impact fewer than 10 of its 30 employees in the UK HQ.

Sony spokesperson Takashi Iida said the move would mean only common customs procedures would be required for Sony’s European operations following Brexit.

Japanese firms MUFG, Nomura Holdings, Daiwa Securities and Sumitomo Mitsui Financial Group have also said they plan to move their European headquarters away from the UK to set up in mainland Europe.

Carmakers Toyota and Honda have also announced plans to freeze investment or operations in the UK due to Brexit.

JD Wetherspoon Plc warns of low pretax profits

British pub chain JD Wetherspoon Plc has warned of low pretax profits in the first half of its fiscal year, according to Reuters.

The chain has been fighting against higher costs as a rise in the minimum wage rate, growth in property prices and a Brexit-related fall in the strength of the pound have combined to make trade challenging. There is also a trend towards young people in the UK drinking less alcohol.

In November the chain said it would be raising pay for employees, as well as adjusting prices to allow for a new sugar tax on soft drinks.

Chief Executive Tim Martin said: “Costs, as previously indicated, are considerably higher than the previous year, especially labour, which has increased by about 30 million pounds in the period.”

JD Wetherspoon has over 900 pubs in Britain and Ireland, with plans to open a further 5 to 10 sites in this financial year.

The chain said despite the lower profits, like-for-like sales rose 7.2% in the 12 weeks to 20 January 2019, showing there was strong demand in the Christmas period. Rival Marstons Plc reported a 5.7% rise in its Christmas sales for the 16 week period leading to 19 January.